 "Petrol price cut by 50 paise, diesel rate unchanged")
State-run oil marketing company Indian Oil Corporation (IOC) on Saturday reduced petrol price by 50 paise.
The price of petrol after midnight October 31 would Rs 60.7 per litre, including state levies.
IOC said the decision was taken in the wake of the current level of international crude oil prices and rupee-dollar exchange rate.
“As the global movement warrants a price decrease, which is being passed on to consumers with this price revision. The movement of prices in the international oil market and the exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes,” said the company.
The company kept the price of diesel unchanged.
